Common Stock

9 Months Ended

Sep. 30, 2015

Equity [Abstract]

Common Stock

8. Common Stock

As of September 30, 2015 and December 31, 2014, the Company had 200.0 million shares of $0.01 par value common stock authorized. There were approximately 115.1 million and 106.7 million shares of common stock issued and outstanding as of September 30, 2015 and December 31, 2014, respectively.

The shares reserved for future issuance as of September 30, 2015 and December 31, 2014 consisted of the following:

	As of		As of
(in thousands)	September 30, 2015		December 31, 2014
Options to purchase common stock		19,436		19,567
Common stock warrants		370		2,381
Conversion premium on the Notes		25,000		25,000

During the nine months ended September 30, 2015, warrants to purchase 2.1 million shares of common stock were exercised in cash and cashless transactions at a weighted average exercise price of $3.00, and 1.5 million shares of common stock were issued. During the nine months ended September 30, 2014, warrants to purchase 0.4 million shares of common stock were exercised in cash and cashless transactions at a weighted average exercise price of $3.40, and 0.3 million shares of common stock were issued.

On July 13, 2015, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”) to sell, from time to time, shares of the Company’s common stock having an aggregate sales price of up to $40,000,000 through an “at the market offering” program under which Cowen acted as the sales agent. The Company concluded sales under this program in September 2015, having sold approximately 3.8 million shares of common stock and generating approximately $38.6 million in net proceeds, after deducting commissions and offering expenses.